Piper Sandler Forecasts Strong Price Appreciation for Innovative Industrial Properties (NYSE:IIPR) Stock

Innovative Industrial Properties (NYSE:IIPR) had its target price raised by equities research analysts at Piper Sandler from $45.00 to $51.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Piper Sandler’s target price would indicate a potential downside of 18.25% from the stock’s previous close.

A number of other analysts have also commented on the stock. Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $48.00.

Innovative Industrial Properties Stock Down 1.4%

Shares of Innovative Industrial Properties stock opened at $62.38 on Tuesday. The stock’s fifty day moving average is $60.17 and its 200-day moving average is $54.44. The firm has a market capitalization of $1.79 billion, a PE ratio of 15.96 and a beta of 1.39. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The company had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.94 EPS. Equities analysts anticipate that Innovative Industrial Properties will post 7.1 earnings per share for the current year.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in IIPR. International Assets Investment Management LLC acquired a new position in Innovative Industrial Properties in the 4th quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $34,000. Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $35,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Innovative Industrial Properties by 33.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after acquiring an additional 205 shares in the last quarter. Finally, Headlands Technologies LLC grew its holdings in shares of Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after acquiring an additional 396 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.